NEW FEATURES

McGraw-Hill Connect Accounting for Libby/Libby/Short is more robust than ever! Adding to the list of Connect Accounting features available with L/L/S 7th edition (which included Learnsmart), the 8th edition of L/L/S includes:

• New Intelligent Response Technology Connect Accounting’s redesigned student interface for our end-of-chapter assessment content that:
• Improves answer acceptance to reduce student frustration with formatting issues (such as rounding);  

• Provides a general journal application that looks and feels more like what you would find in a general ledger software package; and 
• For select questions, provides an expanded table that guides students through the process of solving the problem.

• New Media-rich ebook allows students to highlight, take notes, and bookmark important spots in the text, making reviewing for quizzes and tests easier than ever.
• New SmartBook Fueled by LearnSmart, the most widely used and intelligent adaptive learning resource, SmartBook is the first and only adaptive reading experience available today. SmartBook personalizes content for each student in a continuously adapting and engaging reading experience. Students are more likely to master and retain important concepts, coming to class better prepared, and are more likely to retain knowledge, stay in class and get better grades.

NEW Guided Help – QR codes contained within the content link students to our unique Guided Help feature which provides a narrated, animated, step-by-step walk-through of select topics covered in the Self-Study Quiz, like preparing a simple balance sheet, or recording adjusting entries. Guided Help can be viewed any time through a student’s mobile device or online.

NEW Continuing Case focuses on Penny's Pool Service & Supply and its largest supplier, Pool Corporation. In the first five chapters, the continuing case follows the establishment, operations, and financial reporting for Penny's. In chapter 5, Pool Corporation, a real publicly traded corporation, is also introduced in more detail. The Pool Corporation example is then extended to encompass each new topic in the remaining chapters.

NEW Libby/Libby/Short has been reduced by one chapter – from 14 chapters to 13. Chapter 12 Reporting and Interpreting Investments in Other Corporations is now Appendix E to allow for greater flexibility for instructors to cover – or not cover – that material.

RETAINED FEATURES

Focus Company Approach Integrates real-world business and accounting practices by building each chapter around the operations and financial statements of interesting focus companies such as Apple, Inc., Harley-Davidson, and Chipotle. This integration, as opposed to isolated vignettes, distinguishes the Libby approach by demonstrating career relevance and conveying the excitement of real accounting and reporting issues and problems. Contrasting companies are also used to illustrate variety and a different perspective from the Focus Company.

IFRS Coverage Anticipating a greater emphasis on International Financial Reporting Standards (IFRS) in the United States and recognizing its presence in more than 100 countries worldwide, we have integrated selected IFRS topics in appropriate chapters at a level suitable for introductory financial accounting.

Pause for Feedback and Self-Study Quiz Research shows that students learn best when they are actively engaged in the learning process. This active learning feature engages the student, provides interactivity, and promotes efficient learning. These quizzes ask students to pause at strategic points throughout each chapter to ensure they understand key points before moving ahead.

Comprehensive Problems Selected chapters include problems that cover topics from earlier chapters to refresh, reinforce, and build an integrative understanding of the course material.

A deliberate approach to the accounting cycle 3 chapters (not the typical 2 of most financial accounting texts) that progressively build from basic transactions (balance sheet only) to more complex (balance sheet and income statement) transactions.

Sarbanes-Oxley and Accounting Scandals The authors have included coverage of accounting scandals and Sarbanes-Oxley requirements in Chapters 1 & 5.

Excel Chapters 9 & 10 feature supplemental material on using Excel to compute present values and determine the present value of bonds.

Analysis of Adjusting Entries Chapter 4 includes a section on Analysis of Adjusting Entries. The authors have aligned discussion by Revenues and Expenses for clarity.

Emphasis on Different Aspects of Management Each chapter emphasizes a different aspect of management, including marketing strategy, human resources, financing strategy, manufacturing, corporate communication, and mergers and acquisitions. This directly demonstrates the relevance of material to a variety of future careers.

User orientation Chapter material is selected for its relevance to understanding real companies, financial statements, and real management decisions. The authors use basic transaction analysis, journal entries, and T-accounts to provide the structure for analyzing financial statements and management decisions.

Financial Analysis feature This feature appears throughout the text, and relates directly to the decisions faced by managers and financial statement users at the focus and contrasting companies.  The Financial Analysis feature provides current, interesting information that makes the content relevant and interesting to students. 

Key Ratio Analysis feature Each Key Ratio Analysis box presents ratio analysis for the chapter focus company plus comparative companies to help students evaluate financial performance.

Focus on Cash Flows feature Identified by an icon, these sections within most chapters provide a discussion and analysis of changes in the cash flow of the focus company being discussed and the decisions that caused the changes in cash flow.  These discussions encourage students to think more critically about the impact managerial decisions have on a company's cash flow.

International Perspective feature This feature highlights the emergence of global accounting standards (IFRS) at a level appropriate for the introductory student. International accounting sections are incorporated throughout the text and in the homework material.

Question of Ethics feature Accounting ethics is integrated throughout the text (and end-of-chapter assignments) to convey to students the importance of acting responsibly in business practice.

Real-World Excerpts from annual reports, news articles, analysts’ reports, press releases, First Call notes and other sources appear throughout the text to show the relevance of the material and keep students engaged.

Annual Report feature company and cases American Eagle Outfitters and Urban Outfitters are the featured Annual Reports. End of chapter cases make extensive use of the data in these annual reports and show students how to draw information from an annual report.